Indonesia: Consumer Confidence remained strong in 2021 – UOB

Economist Enrico Tanuwidjaja at UOB Group comments on the Consumer Confidence figures in Indonesia.

Key Takeaways

“Indonesia’s Consumer Confidence decreased slightly in December 2021 to 118.3, declining by 0.2 point from November’s 2021 highest record at 118.5. The slight decline in Indonesia’s Consumer Confidence is due to the emergence of COVID-19 Omicron cases that affected the current economic condition.”

“The Current Economic Condition Index that reached its highest to 99.9 in December 2021 as compared to 91.8 in October 2021. The increase is supported by the recovery in the economy and people’s income in line with the acceleration of COVID-19 vaccination program and the continuation of the implementation of mobility restriction in several areas in Indonesia.”

“The Economic Condition Expectation Index is expected to increase in the future despite the emergence of Omicron cases in line with the recovery in several economic sectors. Our view is that we are optimistic that the Consumer Confidence Index will continue to strengthen supported by the current economic condition such as the acceleration of Covid-19 vaccination program as well as the continuation of mobility restriction (PPKM) imposed by the government and the implementation of health procedures in public places to curb the spread of the COVID-19 virus.”